Strategy reported holding 848,517 BTC as of October 25, 2025, after recording $20.91 billion in digital-asset gains and approximately $20.91 billion in operating income for the third quarter. Net income attributable to common stockholders reached $19.12 billion, with diluted earnings of $44.75 per share. The company also reported $5.07 billion in dollar-denominated assets, equal to 3.4 years of stated dividend and interest obligations. These accounting gains, driven mainly by Bitcoin’s appreciation, are not spendable cash and do not by themselves reflect the performance of the software business. An assessment must also consider liquidity, financing obligations, the hierarchy of securities and potential dilution for common shareholders.
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